By Chris McKhann, an analyst at OptionMonster.Shares of PNC Financial ( PNC) are down sharply for a second day, and options trading indicates there may be more downside ahead. The financial-services company finished yesterday's session off 6.3% to $23.26 and is trading lower again this morning at $21.27, a loss of another 8.6%. PNC shares are hovering just above their 52-week intraday low of $21.04 reached on Feb. 20 and are far below their highs over $80 only five months ago. On Monday, the company said its first-quarter earnings were in line with analysts' estimates but slashed its quarterly dividend by 85%. A large options trade yesterday was a put spread, as one player bought 10,000 of the April 17.50 puts in one block for $2.15 and at the same time sold 10,000 of the April 12.50 puts for $0.85, according to OptionMonster's tracking systems. This trader paid $1.30 on that $5 spread, which means the maximum loss is the $1.30 paid and the maximum gain is $3.70 if the stock is below $12.50 at expiration. The writer has no holdings in the investment mentioned.